O.C.G.A.

O.C.G.A. § 11-4-501 (2019)

Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.

History

Code 1933, § 109A-4-501, enacted by

Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 11 Am. Jur. 2d, Banks and Financial Institutions, § 993. 67 Am. Jur. 2d, Sales, § 38. C.J.S. 9 C.J.S., Banks and Banking, § 414.

U.L.A. Uniform Commercial Code (U.L.A.) § 4501.